Hindalco’s aluminium ingot price sees back-to-back cut by INR3000/t on September 28
Hindalco Industries Limited has reduced its aluminium ingot and aluminium products prices for the second time in a row, effective from Wednesday, September 28. The last cut the company’s ingot and products prices saw was on September 24 by INR 3,250 per tonne. On September 28, Hindalco has cut its aluminium ingot price by INR 3,000 per tonne to INR 197,500 per tonne versus INR 200,500 per tonne on the previous day.
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Hindalco’s aluminium wire rod price has also been reduced by INR 3,000 per tonne from INR 211,600 per tonne on September 24 to INR 208,600 per tonne on September 28. Aluminium billets price is no exception but seen a cut of the same amount to stand at INR 211,600 per tonne on September 28, compared to INR 214,600 per tonne on September 24.
Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which has been decreasing back to back for the past three days by US$89.5 per tonne from US$2,195.50 per tonne on September 22 to US$2,106 per tonne on September 27.
Aluminium operations of the company, excluding those of its US arm Novelis Inc., generally account for nearly half of its total sales and 70% of its operating profit.
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